533 Reedway Way · Alger, WA 98284

$392,500

9 bd · 4.0 ba · 2,282 sqft · SingleFamily public records · 37 Days on market

Built 1975 7,405 sqft lot $172/sqft · 32% below area Est $630k · 38% under $38/mo HOA · 1% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Cash flow +8.2/30.0
• Schools +4.2/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +2.1/10.0

Listing remarks

Lotsa sqft - almost 2,500 - Home & property need TLC. Garage could be useable I believe with some grading. 5 bedroom, 2 bath home.

Key facts

• 7,405 sq ft lot
• 3 parking spots
• Community pool

Property features AI

Finance

• Other: Zoning: R2A; Lot number 12; lot dimensions 60 x 120 x 61 x 121; lot size ~0.17 acres; Pool: community pool available
• Financial info: Listing accepts cash and rehab loans
• HOA & community: Has HOA: Glenhaven Lakes Club; Annual association fee of $453 covering common area and road maintenance; Community features include CCRs, clubhouse, and park

Exterior

• Parking: Off-street parking and driveway with 3 uncovered spaces; Detached garage space approx. 154 square feet
• Security: Partially fenced
• Utilities: Electric energy source; Community water (Glenhaven); Sewer connected; Septic listed as sewer company; Power by PSE; Cable and internet connected (Astound)
• Home design: Single-family residence (split entry / multi-level); East-facing entry at main level; Has a view; Property listed as fixer
• Construction: Built on lot; Standard frame construction with wood materials; Composition roof; Concrete ribbon foundation; Style: Split entry
• Exterior features: Partial fencing; Wood exterior; Garden space; Paved lot; High-speed internet available; Community waterfront / private beach access; Sloped topography

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 5 bedrooms total — 3 upstairs, 2 downstairs; Primary bedroom on second level
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath and 1 three-quarter bath (both on upper level); 1 bathtub and 2 showers
• Heating & cooling: Forced air heating; No cooling
• Interior features: Water heater; Daylight basement
• Laundry & utility: Utility room on lower level; Electric water heater located on lower level

What this means for you Summary

Snapshot

• This is a 9-bed/4.0-bath single-family listed at $392k.

Deal economics

• At list price, monthly cash flow is $-366 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $328k (16.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $279k (29.0% below list).
• Recommended offer: $279k (29.0% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 2.4% in Alger — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 57/100 on livability (#527 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment A; Watch: health & safety D, schools F, amenities F.
• Mount Baker School District (rural): math 40% / reading 53% proficiency, ranked #165 of 291 in WA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 226 active listings in the ZIP; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 36% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (10.0% local appreciation)).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($381k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $224k; list at $392k implies a 75% gain — meaningful room to come down on a strong offer.

Recommended offer $278,505 (29.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.71% ✗
• Cap rate: 5.17%
• Cash-on-cash: -4.00%
• DSCR: 0.82
• GRM: 11.7

CMA / ARV

• ARV (median comp): $630,170
• List price: $392,500
• Delta: -37.72%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 2.73×
• Total profit: $190,406
• Equity at exit: $353,595

10-year hold

• IRR: 19.4%
• Equity multiple: 6.27×
• Total profit: $578,951
• Equity at exit: $762,541

Cash invested: $109,900 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98284

• Home prices YoY: 3.5%
• Active inventory: 226
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $2,785 medium
• Mortgage (P&I): −$2,058
• Tax from tax record: −$306 /mo · $3,676/yr
• Insurance: −$164
• HOA: −$38
• Vacancy / Maint / Mgmt: −$585
• Net cashflow: $-366

Break-even live

Break-even rent $3,248

Max offer price $327,840

Occupancy floor —

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $98,125
• Closing costs: $11,775
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $38 · $456/yr

Listing history 24 events

1. 2026-06-18
   days on market $392,500 Active 37 DOM
2. 2026-06-17
   days on market $392,500 Active 36 DOM
3. 2026-06-16
   days on market $392,500 Active 35 DOM
4. 2026-06-15
   days on market $392,500 Active 34 DOM
5. 2026-06-14
   days on market $392,500 Active 32 DOM
6. 2026-06-13
   days on market $392,500 Active 31 DOM
7. 2026-06-10
   days on market $392,500 Active 29 DOM
8. 2026-06-09
   days on market $392,500 Active 28 DOM
9. 2026-06-08
   days on market $392,500 Active 27 DOM
10. 2026-06-07
    days on market $392,500 Active 26 DOM
11. 2026-06-05
    days on market $392,500 Active 23 DOM
12. 2026-06-02
    days on market $392,500 Active 21 DOM
13. 2026-06-01
    days on market $392,500 Active 20 DOM
14. 2026-05-31
    days on market $392,500 Active 19 DOM
15. 2026-05-30
    days on market $392,500 Active 18 DOM
16. 2026-05-12
    listed $392,500 Active
17. 2006-08-21
    soldstatus $223,890
18. 2006-08-21
    soldstatus $223,889
19. 2006-06-21
    historical
20. 2006-05-05
    listed $225,000
21. 2002-04-24
    soldstatus $134,000
22. 2002-04-01
    historical
23. 2002-02-14
    listed $129,900
24. 1992-09-18
    soldstatus $130,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $3,676 · $306/mo
• Projected year-2 tax: $3,846 · $321/mo
• Expected delta: +$170/yr (+$14/mo · 4.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,421
• − Mortgage interest: −$21,986
• − Property taxes: −$3,676
• − Insurance: −$1,962
• − Repairs & maintenance: −$2,674
• − Management: −$2,674
• − HOA: −$456
• − Depreciation: −$11,418
• Taxable loss: −$11,426
• Est. tax savings @ 24.0%: +$2,742
• After-tax cash flow: $-1,650/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Mount Baker School District
• NCES district ID: 5305310
• Math proficiency: 40% ▲ 3.00%
• Reading proficiency: 53% ▼ -1.00%
• Median HH income: $53,695
• Composite: 42.37/100
• National rank: #6931
• State rank: #165 of 291 in WA

Livability — Alger

• Score: 57/100
• State rank: #527
• US rank: #21801

Category grades

Amenities F Commute F Cost of living D- Crime C+ Employment A Housing B- Health & safety D User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

Population outlook (Whatcom County) Hauer SSP2

• Today (2025): 240,408 people
• By 2030: 254,667 · +5.9%
• By 2040: 281,365 · +17.0%
• By 2050: 307,592 · +27.9%
• By 2075: 375,576 · +56.2%
• By 2100: 421,637 · +75.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Whatcom

• 2024 margin: Strong D (+24.9) · D 60.8% · R 35.9% · Other 3.3%
• 2008→2024 swing: +6.9pp toward D · 2008: 18.0pp · 2024: 24.9pp
• All cycles: 2024: D+24.9 2020: D+23.9 2016: D+17.7 2012: D+12.1 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

+201.9% since first listed

9 events — show timeline

• 2026-05-12 Listed $392,500 NWMLS as Distributed by MLS Grid
• 2006-08-21 Sold (Public Records) $223,889 Public Records
• 2006-08-21 Sold (MLS) $223,890 NWMLS as Distributed by MLS Grid
• 2006-06-21 Delisted — NWMLS as Distributed by MLS Grid
• 2006-05-05 Listed $225,000 NWMLS as Distributed by MLS Grid
• 2002-04-24 Sold (MLS) $134,000 NWMLS as Distributed by MLS Grid
• 2002-04-01 Delisted — NWMLS as Distributed by MLS Grid
• 2002-02-14 Listed $129,900 NWMLS as Distributed by MLS Grid
• 1992-09-18 Sold (Public Records) $130,000 Public Records

Property tax history

+3.9%/yr

Latest (2026): $3,676 · +24.1% YoY. Source: county tax records.